Role of government in fueling private innovation

Close up of laboratory treatmentThis LA Times article caught our eye as a rare but oh-so-important example of a leader in the private economic marketplace explaining the impact of government investment in research. William H. Janeway, a private equity managing director, writes:

“Why has it been in the world of information technology and, secondarily, biomedicine that venture capitalists have been successful? In brief: Only in these sectors did the state invest at sufficient scale in scientific research and in its translation to working technology. In over 40 years as a working venture capitalist, I learned that my colleagues and I and the entrepreneurs whom we backed were all dancing on a platform constructed by the federal government.”

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